July 1, 2020
CBRE arranged the sale of 1901 Market St., the headquarters of Independence Blue Cross in Center City Philadelphia. Independence acquired the 45-story, 800,000-square-foot building from Piedmont Office Realty Trust for $360 million.
Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE Capital Markets’ Institutional Properties team marketed the property on behalf of Piedmont, which owned it since 2003.
C. Brent Smith, Piedmont’s president and CEO, said, “The sale of 1901 Market St. concludes a successful recycling story for Piedmont, allowing us to dispose of a long-term, 100%-leased asset in a non-strategic market where we believe the value potential during our ownership has been realized.” Proceeds will be reinvested into Piedmont’s acquisition of the Dallas Galleria Office Towers.
At Independence, CEO Daniel J. Hilferty said the headquarters acquisition “signifies our long-term commitment to this neighborhood, the city of Philadelphia and to the amazing people who live and work here.”
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